Gamasutra did an interview with the creators of Panoramical, Fernando Ramallo and David Kanaga (who did Proteus). The game appears to be another trippy work that allows the player to manipulate sound and visualizations. It looks like an interactive visualizer.

I love games that are fundamentally about sound and environments. Definitely going to check this one out.

Wait, it's also produced by Polytron? (Phil Fish's company, the studio behind Fez) AND it's the recipient of a grant from the Indie Fund? Freaking SOLD.